House prices in this London borough fell by £3,000 a day last month
UK house prices might be marching ever upwards, but there's one section of the UK where growth is faltering: the top end of London's market.
In recent months growth in so-called prime central London has faltered, partly thanks to the Brexit vote and partly thanks to waning interest from foreign buyers.
Now analysis of Land Registry has suggested homes in one London borough lost £3,000 a day in value in the last month.
Research by online estate agent Emoov found the six per cent fall in prices in Westminster equated to a loss of £65,076 in one month – just under £3,000 a day.
If house prices keep falling like that for a whole year, values in the local area will have fallen 72 per cent, from an average of £1.03m.
Meanwhile, in Islington, prices fell one per cent in the last month – which works out at £7,171, or £231 a day.
Figures published by London Central Portfolio (LCP) last week showed sales of houses worth more than £10m fell 86 per cent in the three months to August compared to the same period last year.
Meanwhile, figures from Knight Frank showed prices in Chelsea have fallen as much as 10 per cent in the past year, while prices in Notting Hill were down 5.3 per cent.
“The property market in Prime Central London has taken a beating in the past year, but despite this, homeowners are still pricing their properties unrealistically for current market conditions," said Emoov founder Russell Quirk.
"Although the London property market remains stable despite buy to let stamp duty changes and the referendum, the upper end of the market is dwindling in desirability.
"It is unlikely that the rate of decline seen over the last month in the likes of Westminster, in Islington, will remain consistent over the following 11 months, but this research stands as a warning to London’s most prestigious homeowners of what could happen and evidently already is."
Want to know where London's most up-and coming areas are? Read more: Map – the fast food guide to London house prices